Gulfport Energy Corporation · NYSE:GPOR
Gulfport Energy — Q4 2024 Earnings Presentation
29 slides from Gulfport Energy's earnings presentation, Feb 26, 2025
Slide 1: Investor Presentation
Investor Presentation Februar y 2025
Slide 2: Forward Looking Statements & Non-GAAP Financial Measures
Forward Looking Statements & Non-GAAP Financial Measures This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act, and the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertain
Slide 3: Gulfport Energy Overview
Gulfport Energy Overview Key Highlights Utica and Marcellus NYSE: GPOR YE24 Net Reservoir Acres(6): ~228,500 Market Cap : (1) $3.4 Billion YE24 Proved Reserves: 3.0 Net Tcfe Enterprise Value (‘EV’)(2): $4.1 Billion 4Q24 Net Production: ~837 MMcfe/day EV / 2025 EBITDA(2,7): 4.7x Liquidity : (3) ~$900
Slide 4: Focused Strategy and Compelling Valuation
Focused Strategy and Compelling Valuation High Quality Asset Base • Multi-basin portfolio provides diversification and capital allocation optionality • Capture value accretion in Utica, Marcellus and SCOOP liquids-rich development and Natural Gas Weighted with prolific Utica dry gas development Liqu
Slide 5: Delivering Value For Shareholders
Delivering Value For Shareholders Common Stock Repurchase Program Common Stock Repurchases ~$407 million ~$593 million • Common stock repurchase program authorizes purchases up to $1.0 billion Available under Repurchased as of of Gulfport outstanding shares current February 20, 2025, authorization r
Slide 6: Adjusted Free Cash Flow Generation Potential
Adjusted Free Cash Flow Generation Potential 2025E – 2029E Adjusted Free Cash Flow(1,2,3) Illustration ($MM) Key Highlights $3.50 NYMEX & $70 WTI $4.00 NYMEX & $70 WTI • Sustainable free cash generation underpinned by high-quality assets ~$3.3 Billion • Meaningful adjusted free cash flow profile gen
Slide 7: Fourth Quarter and Full Year 2024 Results
Fourth Quarter and Full Year 2024 Results 4Q2024 FY 2024 Full Year 2024 Key Highlights Total 1.06 1.05 Net Production Bcfe/day Bcfe/day • Turned-in-line 12 gross Utica dry gas wells, 4 gross Utica condensate wells and 3 gross SCOOP wells during 2024, delivering total net production of ~1.05 Bcfe/day
Slide 8: Full Year 2025 Guidance
Full Year 2025 Guidance Net Liquids Production Total Net Equivalent Production Incurred Total Base Capital 18.0 – 20.5 MBbl/day 1,040 – 1,065 MMcfe/day $370 – $395 Million Expect >30%(1) liquids production growth Forecast flat net daily equivalent production to FY Optimized development program and p
Slide 9: Significant Improvement in Operational Efficiencies
Significant Improvement in Operational Efficiencies Ohio Drilling and Completion Efficiencies Average Total Footage per Day Average Frac Pumping Hours Improved drilling efficiency Improved completion efficiency by ~55% since 2022 by ~50% since 2022 2022 2023 2024 2022 2023 2024 Average Plugs Drilled
Slide 10: Efficiency Gains Driving Lower Capital Intensity
Efficiency Gains Driving Lower Capital Intensity 2025 Development Program Increasing liquids-rich Utica and Marcellus activity Significantly more efficient capital program per foot invested Net Well Count Total Footage (ft) Operated D&C ($MM) Operated D&C ($MM) per ft Drilled Drilled Measured Depth
Slide 11: Development Plan Overview
Development Plan Overview 2024 Operated Activity 2025 Operated Activity Average Net Lateral Length Drilled Well Count Lateral Well Count Lateral 17,100 TILs 14,000 Utica Dry Gas 11 gross (10.8 net) 15,800’ Utica Dry Gas 10 gross (10.0 net) 17,500’ Utica Lean Condensate 3 gross (3.0 net) 17,800’ Utic
Slide 12: 2025 Capital Program and Production Outlook
2025 Capital Program and Production Outlook Capital Program Production • Optimized development program and portfolio allocation expected to • Forecast full year 2025 net daily liquids production to increase over 30%(1) drive capital efficiencies and robust adjusted free cash flow generation compared
Slide 13: 2025 Development Plan Overview
2025 Development Plan Overview Utica Key Highlights 4 Well Pad • Extended Utica inventory by >2.5 years through discretionary acreage Spud: 2Q2024 TIL: Late 1Q2025 acquisitions largely within the lean condensate area of the play and prioritized for near term development 4 Well Pad • Continue to opti
Slide 14: Managed Pressure Program Yielding Higher Recoveries
Managed Pressure Program Yielding Higher Recoveries Gulfport Utica Dry Gas Well Performance(1) Key Highlights 1,000 Normalized Cumulative Well Performance per 1,000’ of Lateral • Enhances productivity by maintaining stimulated reservoir conductivity • Lowers initial well costs by decreasing facility
Slide 15: Recent Liquids-Rich Development Providing Strong Results
Recent Liquids-Rich Development Providing Strong Results Key Highlights Recent Condensate Well Performance • Initial Lake VII condensate development continues to Lake VII Pad Daily Production History 10,000 Gross Gas (Mcf/d) / Flowing Pressure exhibit relatively flat production rates with minimal da
Slide 16: Advantaged Firm Portfolio Provides Access to Diverse Markets
Advantaged Firm Portfolio Provides Access to Diverse Markets • Diversified and right-sized takeaway capacity • 625,000 MMBtu/d(1) of firm takeaway from the Utica • 200,000 MMBtu/d(1) of firm takeaway from the SCOOP • Strategic connectivity from wellhead provides access to premium basin egress pipeli
Slide 17: Strong Capital Structure and Financial Profile
Strong Capital Structure and Financial Profile Fourth Quarter 2024 Overview As of December 31, 2024 $1,000 • $1.5 million of cash equivalents $1,000 No Significant Cash and Liquidity Elected • ~$900 million of liquidity(1) $900 Maturities Commitment Under Credit • $38.0 million borrowings under cred
Slide 18: Focused on Continuous Improvement and Responsible Stewardship
Focused on Continuous Improvement and Responsible Stewardship • Achieved overall “A” rating for Appalachia assets from MiQ for For additional information Improved second consecutive year please refer to Gulfport’s Corporate Sustainability Report Methane Intensity Rate Environmental • Lowered Scope 1
Slide 19: Appendix
Gulfport Appendix la
Slide 20: 2024 Proved Reserve Summary
2024 Proved Reserve Summary Net Reserves as of December 31, 2024(1) Gas Oil NGL Total (Bcf) (MMBbls) (MMBbls) (Bcfe) Proved Developed Producing 1,844 7 29 2,061 Proved Developed Non-Producing 34 0 2 47 Proved Undeveloped(2) 1,478 15 49 1,861 Total Proved Reserves 3,356 22 80 3,969 Proved Reserve Com
Slide 21: Full Year 2025 Guidance
Full Year 2025 Guidance FY 2025E FY 2025E Production Guidance Incurred Capital Expenditures – $ millions Guidance Net Daily Gas Equivalent – MMcfe/day 1,040 1,065 Operated D&C $335 $355 Net Daily Liquids Production – MBbls/day 18.0 20.5 Maintenance Leasehold and Land $35 $40 Total Base Capital Expen
Slide 22: Hedged Production
Hedged Production Natural Gas, Oil and Propane Hedge Summary(1) Natural Gas Oil Propane Swaps Collars Calls Sold Swaps Swaps Avg. Price Volume Volume MMBtu/d Volume MMBtu/d Avg. Put $/MMBtu Avg. Call $/MMBtu Volume MMBtu/d Avg. Call $/MMBtu Avg. Price $/Bbl Volume Bbl/d Avg. Price $/Bbl $/MMBtu Bbl/
Slide 23: Recent Utica Well Performance
Recent Utica Well Performance Gulfport Utica Well Productivity Outperforming Peers(1) Top 20 Performing Utica Wells(1) Normalized Cumulative Production (MMcfe / 1,000’ ft of lateral) 12 Month Normalized Production by Well (MMcfe / 1,000’ of lateral) - 100 200 300 400 500 600 700 - 200 400 600 800 To
Slide 24: Recent SCOOP Well Performance
Recent SCOOP Well Performance Gulfport Oklahoma Well Productivity Outperforming Peers(1) Top 20 Performing SCOOP / STACK Wells(1) Normalized Cumulative Production (MMcfe / 1,000’ ft of lateral) 12 Month Normalized Production by Well (MMcfe / 1,000’ of lateral) - 100 200 300 400 500 600 700 - 200 400
Slide 25: Adjusted EBITDA
Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure equal to net (loss) income, the most directly comparable GAAP financial measure, plus interest expense, deferred income tax expense (benefit), depreciation, depletion and amortization, impairment and accretion, net non-cash derivative l
Slide 26: Adjusted Free Cash Flow
Adjusted Free Cash Flow Adjusted free cash flow is a non-GAAP measure defined as adjusted EBITDA plus certain non-cash items that are included in net cash provided by (used in) operating activities but excluded from adjusted EBITDA less interest expense, capitalized expenses incurred and capital exp
Slide 27: Recurring General and Administrative (G&A) Expense
Recurring General and Administrative (G&A) Expense Recurring general and administrative expense is a non-GAAP financial measure equal to general and administrative expense (GAAP) plus capitalized general and administrative expense, less non-recurring general and administrative expenses comprised of
Slide 28: Present value of estimated future net revenue (PV-10)
Present value of estimated future net revenue (PV-10) PV – 10 is a non-GAAP measure derived from standardized measure of discounted future new cash flows (GAAP). Management uses PV-10, which is calculated without deducting estimated future income tax expenses, as a measure of the value of the Compan
Slide 29: Thank You.
Thank You. Investor Relations 405.252.4550 investor_relations@gulfportenergy.com www.gulfportenergy.com